Tax Identification Number (TIN) Update

Tax Identification Number (TIN) Update The International Tax Authority (ITA) wishes to remind all Financial Institutions (FI’s) that mandatory TIN information in filings was implemented for 2020 reporting year and onwards.  If a FI made a filing without a TIN, but rather, inserted any one of the IRS acceptable sequential codes such as 222222222, a

2022-02-21T09:39:15-04:00February 21st, 2022|News, Press Release|

BVIFARS Onfline

The International Tax Authority (the “ITA”) wishes to inform all Virgin Islands Financial Institutions (“VIFI”’s) and Constituent Entities that the British Virgin Islands Financial Account Reporting system (“BVIFARs”) is currently online. We sincerely apologized for any inconvenience caused during the period when the portal was offline. For further information, questions or concerns please feel

2022-01-17T10:08:11-04:00January 17th, 2022|News, Notices, Press Release|

BVIFARS Offline

The International Tax Authority (the “ITA”) wishes to inform all Virgin Islands Financial Institutions (“VIFI”’s) and Constituent Entities that the British Virgin Islands Financial Account Reporting system (“BVIFARs”) is currently offline. We are cognizant of filing deadlines such as correction that must be made and as such, this will be considered when the Portal

2022-01-07T11:48:44-04:00January 7th, 2022|News, Notices, Press Release|

FATCA Mandatory Tax Identification Number (TIN) Update

The International Tax Authority (the “ITA”) wishes to inform all Financial Institutions (“FI’s”) with Foreign Account Tax Compliance Act (“FATCA”) reporting obligations, that the U.S Tax Identification Number (TIN) information is mandatory for ALL reportable accounts and must be included in FATCA reports. Please note that the mandatory TIN information is applicable for the

2021-09-20T15:42:48-04:00September 20th, 2021|News, Notices, Press Release|

Offices Closed to the Public

The International Tax Authority would like to inform the public that due to the rise in Covid-19 cases in the Territory, effective from July 8th, 2021, our office will be closed to the public until further notice. Any information to be submitted including responses in relation to EOIR or Economic Substance should be submitted

2021-07-08T10:33:27-04:00July 8th, 2021|News, Notices, Press Release|

BVIFars & Filing Update

The International Tax Authority (the “ITA”) wishes to extend its apology to Portal users, as over the last few weeks we have received queries concerning the BVIFars Portal. We are cognizant that this issue had affected some Portal users with respect to nil filings and XML uploads. Our Team had been working diligently on

2021-04-20T10:48:18-04:00April 20th, 2021|News, Notices, Press Release|

BVIFARS Online

The International Tax Authority (the “ITA”) wishes to inform all Virgin Islands Financial Institutions (“VIFI”’s) and Constituent Entities that the British Virgin Islands Financial Account Reporting system (“BVIFARs”) has returned online as. We express our apologies for the inconvenience caused over the last week, however; we thank you for your patience and understanding. For

2021-03-16T14:26:09-04:00March 16th, 2021|News, Notices, Press Release|

BVIFARS Offline: System Maintenance

The International Tax Authority (the “ITA”) wishes to inform all Virgin Islands Financial Institutions (“VIFI”’s) and Constituent Entities that the British Virgin Islands Financial Account Reporting system (“BVIFARs”) will be temporarily offline for maintenance purposes.Please visit our website at https://bviita.vg/ under the “News” tab or contact our Office for an update on when the System

2021-03-10T09:58:28-04:00March 10th, 2021|News, Notices, Press Release|

BVIFARS Online: For version 2.0 XML Schema filings

The International Tax Authority (the “ITA”) wishes to inform all Virgin Islands Financial Institutions (“VIFI’s”) and Constituent Entities that the British Virgin Islands Financial Account Reporting system (“BVIFARs”) is now accessible. All VIFI’s and constituent entities are reminded of the filing deadlines. They are as follows: For Foreign Account Tax Compliance Act (“FATCA”) and Common

2021-02-23T13:24:39-04:00February 12th, 2021|News, Notices, Press Release|

BVIFARS Offline: Update to Version 2.0 Schema

The International Tax Authority (the “ITA”) wishes to inform all Virgin Islands Financial Institutions and Constituent Entities that the British Virgin Islands Financial Account Reporting system (“BVIFARs”) is still under maintenance in preparation to accommodate the OECD’s new version 2.0 schema. As mentioned in the 29 December 2020 Notice, configuration will be undertaken on

2021-02-05T16:21:04-04:00February 5th, 2021|News, Notices, Press Release|

BVI Financial Account Reporting System

The International Tax Authority has created a web-based portal to provide a secure environment for BVI Financial Institutions to satisfy their obligations under the Agreement between the Government of the British Virgin Islands and the Government of the United States of America to Improve Tax Compliance via the Foreign Account Tax Compliance Act (US FATCA), the Agreement between the Government of the British Virgin Islands and the Government of the United Kingdom to Improve International Tax Compliance (UK CDOT) and the Arrangement under the Common Reporting Standards (CRS).

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BVI and US FATCA – Competent Authority Agreement BVI and UK CDOT – Competent Authority Agreement BVI and Guernsey – Competent Authority Agreement BVI and Isle of Man – Competent Authority Agreement CRS Multilateral Competent Authority Agreement

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